Analysis Replication Material for Analysis in Financial Data Transparency, International Institutions, and Sovereign Borrowing Costs
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This directory contains the following subdirectories:

## *analysis*

The *analysis* directory contains:

-   *payoffs.R*: source code to simulate the transparency game primarily discussed in Section 4 and Figure 2 of the article, as well as Table A-1 and Figure A-1 in the supplementary materials.

-   *FRT_plots_v2.R*: generates a number of descriptive plots for the paper and supplementary materials. These include figures 3 and 4 in the article and figures A-3, A-4, A-7 through A-15 in the supplementary materials.

-   *regression_data_creator.R*: source code to create the data set used in the ECM regressions. This relies on raw data stored in the *data_and_misc* directory and code in *bond_data_creator.R*, which transforms the dependent variables. The results are saved as *frt10_16_v1.dta*.

-   *main_estimation_models.do*: Stata source code to estimate the ECM models shown in Table 2 in the article. This table was dynamically generated from the results estimated in Stata using *results_table_creator_main.R*.

-   *country_sample_table_creator.R*: generates Table A-2 in the supplementary materials.

-   *me_plots*: a directory with source code to create marginal effects plots shown in Figure 5.

-   *sim_plots*: a directory with source code to simulate median effects from the ECM models shown in Figures 6 and 7.

-   *elections_peers*: a directory with source code used to estimate models in Table A-3 in the supplementary materials.

    + *elections_peers/peers_other*: a directory with source code for peer effects and other factors discussed in subsection "Peer effects, IMF programs, and the European sovereign debt crisis" of Section 7.3. Additionally, *spatial_dependence_explore.R* contains code for creating Figure A-16 and tables A-4 and A-5 in the supplementary materials.

-   *FiscalTransparency*: a directory with source code comparing FDT with measures of fiscal transparency discussed in the "Fiscal transparency and bond prices" subsection of Section 7.3.

-   *Hollyer_et_al_Compare*: a directory containg source code for comparing FDT to Hollyer et al.'s (2014) measure of general transparency. These results are discussed in the "General governement transparency and bond prices" subsection of Section 7.3 as well as shown in Table A-6 in the supplementary materials.

## *IndicatorDescript*

A directory with source code used to create Table 1.
